Qstay is a hospitality and property technology company headquartered in Dubai, United Arab Emirates.[1] Founded in 2020, the company operates as a virtual hotel brand, managing a portfolio of short-term rental properties that it equips with standardized hotel-like services and amenities.[3]
Qstay's business model focuses on leasing, managing, and upgrading high-end apartments, villas, and penthouses in prime locations, then making them available for rent on various booking platforms. The company has also integrated blockchain technology into its platform, launching a native cryptocurrency token to facilitate payments and develop a decentralized hospitality ecosystem.[4]
History
Qstay was founded in 2020 by Artur Khayrullin, Ekaterina Rogozhina, Alec Redelman Fesenko, and Natalya Fesenko, aiming to utilize technology to enhance the management and guest experience of short-term rentals.[2]
In July 2022, Qstay announced the closing of a US$6.5 million seed funding round, which included a mix of debt and equity financing.[2] In June 2024, the company secured an additional $4.6 million in a pre-Series A funding round, bringing its total raised capital to $11.1 million. These funds were designated for further expansion and technology development.[5][6]
Initially focused on the Dubai market, as of 2025 the company expanded its portfolio to include properties in other cities such as Ras Al Khaimah, Tbilisi, Baku and Abu Dhabi.[7]
Operations and business model
Qstay operates as a "virtual hotel brand" by leasing properties, upgrading them to a consistent luxury standard, and managing them with a suite of tech-enabled services. The company focuses on high-end accommodations in prime locations, such as Dubai Marina, Palm Jumeirah, and Downtown Dubai.[7] Guest services, including extra cleaning and late checkouts, are managed through a mobile app. The properties are equipped with standardized amenities like designer bathrobes and luxury linens, and often provide access to 5-star building facilities like pools and gyms.[8]
The company has received accolades for its service quality, including Airbnb Superhost status with an average property rating above 4.80 stars.[9][10] A key part of its growth strategy involves partnerships, such as a major agreement in 2025 to manage the 367-unit Carlton Hotel & Suites in Dubai. As of August 2025, Qstay reported it had managed over 300 properties and achieved $18 million in cumulative revenue since its inception, and planned a strategic shift from a property management company to a global hospitality platform, leveraging its technology for broader applications.[3]
Blockchain integration
In August 2025, Qstay announced the integration of blockchain technology into its platform with the launch of its native cryptocurrency token (ticker:QSTAY), on the Solana blockchain.[4] The token is positioned as a Real-World Asset (RWA), with its value linked to the company's portfolio of over 300 hospitality units. The primary utility of the token is to facilitate crypto-friendly payments for bookings on the Qstay platform and app. This initiative is part of the company's strategy to develop a decentralized hospitality marketplace and expand its global partnerships through the use of smart contracts.[4]
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